The assessee sought for depreciation as per the value stated in the sale invoice. The Assessing Authority held that the value in the sale invoice is inflated and the value of the equipment is ₹ 2,50,00,000/- and not ₹ 50,00, 000/-. Accor .....

ter to the Assessing Authority to examine the issue afresh in accordance with the observation made which are as follows: A review of the entire matter about the lack of enquiry made and not considering the tax in proper line, we come to the only plau .....

flameless furnace as per the sole invoice is assessed in the hands of supplier at the same value as has been done in the sale invoice. If it is so assessed, then the department can do the assessment in the hands of the assessee and to accept the same .....

of the asset for claiming depreciation. In so far as the ownership is concerned, despite the assessee had purchased the assets under Hire Purchase Agreement. In view of the Board Circular (supra), the assessee would be entitled to depreciation. The .....

to re-do the assessment afresh by giving the assessee sufficient opportunity of hearing. For statistical purpose the appeal is treated as allowed. 3. It is the contention of the State in appeal that the observations made would make the Assessing Offi .....

f the equipment, otherwise whatever stated in the invoice, which is concocted document would become binding and results in injustice to revenue. 4. Per contra, the learned counsel for the respondents submitted that the observation made by the Tribuna .....